There are many deep dives on UPST. Below is the most comprehensive one I came across. I will not repeat what upstart does etc. I hope to add some incremental insight to the UPST discussion. UPST background: COVID casualty & mistimed IPO While most high growth stocks were COVID beneficiaries, UPST was not. UPST growth suffered due to COVID. UPST only product was personal loans in 2020 and most of 2021. As seen below, total consumer personal loan outstanding in US collapsed in 2020 due to COVID. It only started to recover in Q2 2021.